Jim Cramer's Mad Dash: HRB GILD

NEW YORK (TheStreet) -- H&R Block (HRB) is higher on Friday after announcing it will spin off its banking division, which is being sold to BofI Federal Bank (BOFI).

On CNBC's "Cramer's Mad Dash" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said the move allows H&R Block to shake the oversight from the Federal Reserve, allowing the company to return cash to shareholders.

He added H&R Block has "oodles of cash" but has been unable to do a share buyback program, which many investors wanted.

Cramer said everyone's taxes are now almost "impossible" to complete themselves without leaving money on the table, due in part to Obamacare. This means the need for accountants, and that's giving the tax business momentum at a time when investor optimism is rising. Cramer said this bodes well for the stock.

Turning to biotech stocks, Cramer said Gilead Sciences (GILD) could have some competition in the hepatitis C drug business because Merck (MRK) has a drug in phase II trials.

He added that quality biotech stocks will continue to get hammered down to attractive levels because investors continue to sell the biotech exchange-traded funds including the SPDR Biotech ETF (XBI) and the iShares Nasdaq Biotechnology ETF (IBB).

When the ETFs decline, it drags down all of the stocks in its holdings, regardless of the quality, he said.

The Dow is poised to rise for a second straight day; Nordstrom's board rejects the Nordstrom family's proposal to take the company private; Dublin-based Smurfit Kappa rejects a takeover approach from International Paper.